Dail Drawdown

To recap, the following specific recommendations are set out in the report:

1. Continue to monitor the implementation of the 2012 Consumer Code (Central Bank) and take specific actions to:

a. Examine the practice of re-brokering to ensure that it is always in the best interests of the consumer; and

b. Conduct an exercise to ensure compliance with the recently introduced requirement for Annual Statements.

2. Develop approaches to improve consumer, employer and trustee awareness and knowledge of pension charges.  This should ensure that information is clear and concise.  It should be standardised, where possible, and based on best practice (several organisations have a remit here).

3. Develop a communications action plan on pension charges (several organisations have a remit here).

4. Improve trustees’ knowledge and awareness of pension charges (Pensions Board).  Take specific actions to:

a. Develop a separate module on pension charges in trustee training;

b. Provide a support service to trustees setting out principles and best practice.

5. Review occupational pension disclosure regulations specifically to:

a. Provide for the issue of an Annual Statement to all deferred members (Department of Social Protection, Pensions Board);

b. Improve the information provided in the Statement of Reasonable Projection and the need for focussed detail should be reviewed (Department of Social Protection, Pensions Board).

6. Monitor developments and continue efforts to develop a single standard measure that would assess all costs and charges and thereby enable easier comparisons to be made (Department of Social Protection, Central Bank, Pensions Board).

7. Conduct further research on the drivers behind consumer choice of individual pension products – with particular reference to PRSAs.

8. Ensure data on charges is collected on a periodic basis - 3 yearly intervals is considered appropriate - to allow for continued scrutiny and future decision-making. (Central Bank, Pensions Board).

9. Evaluate the impact of this report, these recommendations and future EU developments after two years and assess if further and more stringent recommendations are required (Department of Social Protection, Central Bank, Pensions Board).

Source: www.welfare.ie

Aidan McLoughlin discusses the government pension levy on RTE Prime Time

Aidan McLoughlin appeared on RTE's Prime Time on Tuesday 28th January to discuss the government pension levy. Click the following link to view the segment:

Prime Time Discussion on Government Pension Levies, 28th January 2014

Trustee Training Deadline is approaching

The deadline for trustee training is February 1^st 2014.  Trustee training ensures that occupational pension schemes are run to the highest level of governance and compliance.  ITL are an established provider of independent professional trustee services to occupational pension schemes.

ITL are approved trustee trainers with the Pensions Board and have developed an online trustee training course to ensure all trustees can complete their obligations.  To begin the process, click here to complete a short survey.

More information can be found at www.trustee.ie.  Alternatively you can contact Elma Fox on Elma.Fox@Trustee.ie.

Independent Trustee Company is a proud sponsor of the IBA Life, Pensions and Investment Awards for Brokers, 2014

2014 will mark the introduction of the inaugural IBA Life, Pensions and Investment Awards for Brokers. This black tie function is to be held on Thursday, March 13^th in The Round Room, Mansion House and ITC are delighted to announce our support for what promises to be an exciting event for all brokers in the life, pension and investment market.

The LPI Awards will ensure that those at the forefront of the profession are identified and commended. The event aims to give recognition to the life, pension and investment brokers who have proved their excellence, professionalism and dedication to maintaining high standards in the Irish market.  There are ten different award categories to be won, to recognise and reward brokerages for their significant accomplishments. 

Consisting of a drinks reception, dinner, awards ceremony hosted by a celebrity compere and after show entertainment, the LPI Awards for brokers will be a night to remember and an event that ITC are proud to support.  Full details of the event are available on the website: www.lpiawards.ie

Why aren't pensions totes amazeballs?

To paraphrase Oscar Wilde: “Pensions are wasted on the Young”. 

The Question is Why?

A mini-survey was carried out on 67 individuals in different industry sectors under the age of 35 with some of the findings coming as a surprise. The purpose of this survey was to derive an idea of the opinions of those individuals on saving for their future.

The findings indicated the youth of today are focused on ‘living for the now’. However, when asked about their idea of what retirement means, they think of a time which is fun, filled with holidays and, specifically, not having to work. The State pension nowadays is less than half the current average salary of those in employment in this age group, which poses the question ‘how do they expect to fund for this expected lifestyle?’

The results of the survey reveal that the majority of these individuals do not have a pension scheme. Just fewer than half the participants claim that their employer company does not provide a pension scheme. It was surprising to note that a large amount of these individuals stated they have not been approached by their employer and advised of the availability of a mechanism to begin saving for their retirement.  It is a mandatory requirement that all employers offer a company scheme or a standard PRSA, this leads us to believe the availability of such schemes are not sufficiently promoted.

When the sample was asked if they would save themselves for retirement, responses were negative, consisting of phrases such as “too costly”, “can’t afford to” and “maybe in the future”.

The lack of saving earlier in life will mean a significant amount of stress will be placed on the amount to be contributed to make up the same expected salary for retirement. Take for example, two people, both earning €40,000 per annum and expecting to get a pension of 68% of that salary (€24,600). One decides to begin saving at 26, the other at 41. To achieve the same outcome they will both have very different contribution amounts:

It is important to focus on providing guidance to younger people to invest in their pension as this will benefit them later in life when they may need more disposable income.

This issue was discussed directly with some of the participants who worked in financial services and who were therefore professionally aware of the need for pension savings but had not yet undertaken any pension planning themselves.

Whilst validating some of the comments outlined above these participants also offered some comments on the approach of the industry itself to the issue:

“If pensions are so important why do they appear at the end of the Manual?”

“When we were presented with details of the financial planning pyramid – pensions always appeared at the bottom”.

Portions of the survey undertaken focused on particular features that could be included in pension products to make them of more interest to young people. This will form the subject of a later article.

However both the general comments and the specific feedback from those in the industry highlighted a number of points about communication:

1. We as an industry are not clear in the message we give to young people on this topic
2. Whilst employers are obliged to provide access to a pension mechanism, greater work needs to be done around communicating this to the younger audience

The under 35s are often referred to as the “Apple Generation”. This reflects the significance of technology and social media to their everyday lives. Perhaps the real message coming from this survey is that greater use of such tools is necessary if we want to communicate fully to this generation.

By Emma Herrity, Trustee Administrator, Independent Trustee Limited.

Wishing you a Merry Christmas and a Happy New Year from ITC

The ITC team would like to take this opportunity to wish all our readers a very Merry Christmas and a Happy New Year.  Our office will be closed from Tuesday December 24th 2013 to Wednesday January 1st 2014. We will reopen on Thursday 2nd January 2014.

We will be back in 2014 with more from Ireland's first truly independent pensions blog!

www.independent-trustee.com

Dail Drawdown

Yield from the taxation of the annual imputed distribution of ARF assets 2007 – 2012

Year	Yield (€ million)
2007 (earliest available)	2.75
2008	6.5
2009	7.9
2010	10.3
2011	11.6
2012	11.5

Aidan McLoughlin on RTE Radio 1

Aidan McLoughlin speaks to Sean O'Rourke on RTE Radio 1 about how the Government has signed off on new rules that could see cuts in pensions for retired members of defined benefit schemes.  Listen to the full podcast here.

www.independent-trustee.com

Reprioritisation of Benefits: the real winner is…?

5 years into the financial crisis that destroyed the Balance Sheet of almost all DB schemes  (and 18 months after a comprehensive solution backed by IBEC, ICTU and certain pension bodies was presented to the Minister) action has finally been taken to restructure the Priority Order.

Why that is necessary can be illustrated by looking at a scheme with 2 members (1 pensioner, 1 active), an insolvent employer and a fund value of €500,000:

A. Before Financial Crisis

Value of Pensioner liability   €350k

Value of Active liability        €150k

Funding for Actives             100%

B. After Financial Crisis

Value of Pensioner liability   €500k

Value of Active liability        €150k

Funding for Actives              0%

The deterioration was primarily caused by the decline in bond yields in Germany which meant annuities became more expensive and therefore more of the fund was allocated to pay pensioner benefits.

The new rules now mean (in scenario b above) that where both the employer and pension scheme is insolvent (Double Insolvency) the balance will be rejigged as follows:

C. After Minister’s announcement

Value attributable to Pensioner    €425k

Value attributable to Active         €75k

Shortfall                                     €125k

Earlier this year the European Court of Justice ruled that the Irish State had failed to provide adequate protection to members of such schemes. The net effect of this was that, under scenario b above, the State was facing a liability of at least €75k. This liability will now be Nil – the pensioner is picking up the tab.

Note that in the recent budget the Minister for Finance also raised an additional levy on pension funds to pay for this liability –money he can now use for other purposes.

The real winner is the Government!

Important Pension Change - Act Now

Budget 2014 reduced the standard fund threshold (SFT) from €2.3m to €2m.

This means that, when an individual accesses their pension benefits, if the value of all pensions held by that individual exceeds €2m, the excess will be subject to an effective rate of tax of up to 70%! 

While a fund of €2m may seem quite large, it in fact equates to an annual income in retirement of around €50,000 so it may affect more pension savers than you would initially imagine.

In a recent survey conducted by Independent Trustee Company, 75% of the advisors polled said that   securing the €2.3m PFT for their clients was of high importance.  There is a window of opportunity available, but you must act quickly.  

Where an individual has existing benefits in excess of €2m at 1^st January 2014, Revenue will allow them to apply for a personal fund threshold (PFT) and that threshold will apply to them instead of the SFT.  The maximum PFT available is €2.3m.  Depending on your clients’ circumstances, it may therefore make sense for them to contribute to their scheme before the end of the year in order to secure a PFT for the full value of their benefits.  Contributions made after 1^st January 2014 cannot be included in the calculation of the PFT.

The key is to act now, before the 31^st December, while the opportunity for your clients is still available. 

For further information, please contact one of our consultants in ITC Consulting:

Barry Kennelly on (01) 6148068 or at barry.kennelly@independent-trustee.com

Jennie Faughnan on (01) 6035140 or at jennie.faughnan@independent-trustee.com

2013 Business & Finance FS50 Awards - Aidan McLoughlin

We are delighted to announce that Aidan was chosen by Business & Finance magazine as one of the most influential business leaders in financial services in Ireland.

Aidan was joined at the Merrion Hotel on Wednesday night with other industry leaders that are playing a vital role in financial services. Padraig O'hUiginn, Former Secretary General Department of the Taoiseach 1982-1993 was also honoured during the evening for his outstanding contribution to financial services.

www.independent-trustee.com

Finance Act 2013 - The Bill, Part 2

Following the budget in early October, the Government have wasted no time in introducing Finance Bill 2013 (2) which, among other things, makes provision for how Noonan’s pension amendments are to take effect. Paul Gilmer sets out some of the key points from the first draft of the bill:

1. New Standard Fund Threshold (SFT)

As expected, the SFT has been reduced, but by a lot less than most expected. Finance Bill 2013 (2) reduces the €2.3 million cap down to €2 million with effect from 1 January 2014. However, as on previous occasions, an individual who has pension rights in excess of this new lower SFT limit on 1 January 2014 may claim a Personal Fund Threshold from the Revenue Commissioners (see note 2).

The new lump sum rules are:

1. Maximum tax relieved lump sum at 25% of €2,000,000 = €500,000
2. The first €200,000 tax free.
3. €300,000 taxed at 20%


Individuals with the capacity to fund to the €2.3 million mark should act before the 31 December 2013.

2. New .15 Levy

Minister for Finance Michael Noonan has followed through on the Government’s commitment to end the pension levy  of 0.6 per cent a year but disappointingly didn’t waste any time in introducing a new levy of .15 per cent for the years 2014 and 2015. Unfortunately, it seems that the levy is going to be a feature on the pension landscape for the foreseeable future.


3. Revenue are introducing e-filing for the new round of Personal Fund Thresholds (PFTs):

In order to make a PFT notification to Revenue, an individual will be required to obtain from the administrator of each pension arrangement of which he or she is a member, a statement certifying, among other things, the amount of the individual’s pension rights on 1 January 2014 relating to that arrangement. A PFT notification will have to be made electronically on a system being developed by Revenue and the time period for notification will be 12 months after the date on which the electronic system is made available.

A PFT notification made by electronic means shall be deemed to include a declaration to the effect that the notification is correct and complete.

Revenue will also accept a PFT application in the normal way for those retiring before the electronic system in place.

4. Another benefit to the public sector high earners:

The reimbursement options, introduced in Finance Act 2012, for public servants affected by chargeable excess tax (who, unlike affected individuals in the private sector, cannot generally minimise or prevent the breaching of the SFT or PFT by ceasing contributions and benefit accruals) are being amended and extended.  This will reduce the amount that can be recovered upfront from the net retirement lump sum payable to the individual to a maximum of 20 per cent (from 50 per cent) and to include the option of reimbursement of the pension fund administrator solely by way of a reduction in the gross pension payable over a period not exceeding 20 years.

5. There is more detail on the new rules for valuing pension benefits:

The valuation factor to be used for establishing the capital value of an individual’s defined benefit (DB) pension rights at the point of retirement, where this takes place after 1 January 2014, is being changed from the current standard valuation factor of 20 to a higher age–related valuation factor that will vary with the individual’s age at the point at which the pension rights are drawn down. The age–related valuation factors range from 37 for DB pension rights drawn down at age 50 or under, to a factor of 22 where they are drawn down at age 70 or over.  The valuation will also distinguish between benefits accrued before 1 January 2014 (still valued at 20 times) to those accruing after 1 January 2014 (valued based on the age related factors).

6. Clarification of the early access to AVCs

The bill provides clarity for members of occupational pension schemes/PRSAs regarding the option to withdraw up to 30 per cent of the accumulated value of additional voluntary contributions. The bill is amended to address concerns that the existing override provisions in the section may not give scheme trustees and PRSA administrators sufficient scope to allow such withdrawals where the trust deed and scheme rules or the PRSA contract terms prohibit them. The amendment specifically provides that the option may be exercised by an individual, notwithstanding the rules of the retirement benefits scheme or the terms of the PRSA contract concerned. This will obviate the need for scheme rules or contract terms to be changed to facilitate the withdrawal option. The change applies to options exercised on or after 27 March 2013, the date Finance Act 2013 became law.

Of course, we are all hoping this is the end to what has become an annual event whereby amendments are made to the Irish Pension Regime. However, lessons from the levy show we should not be too optimistic.

Paul Gilmer

Director

ITC Consulting

Dail Drawdown

Minister Noonan went on to say “I considered that I was in a position to make these significant commitments on foot, among other things, of proposals in late 2012 from the pensions sector for changes to the Standard Fund Threshold (SFT) regime, as an alternative to standard rating of pension tax relief, which it was claimed would yield savings and tax revenues in the region of €400 million. Pending further analysis of this claim, I included a much lower figure of €250 million in the Budget 2013 arithmetic. That analysis has since revealed significant downside risks to the achievement of even this lower level of yield or savings. The estimate of the yield from the changes to the SFT regime which I announced in last week’s Budget is €120 million. These changes differ in some respects from those proposed by the pensions sector and reflect, on legal advice, the requirement to protect pension rights at the date of change. In addition, valuation factors to place a value on Defined Benefit pensions for SFT purposes will vary with the age at which the pensions are drawn down thereby improving equity within the regime.

I would not categorise my engagement with the pensions sector on this matter as a “deal”, in the manner suggested by the Deputy. However, the assessment that the changes to the SFT regime required to deliver on the Budget 2013 commitment to cap taxpayer subsidies to higher value pensions would have a considerably lower yield than originally put forward, meant that the achievement of the overall budgetary objectives (including the continuation of the reduced VAT rate for the tourism sector and to make provision for potential State liabilities which may emerge from pre-existing or future pension fund difficulties) necessitated the imposition of the additional 0.15% pension fund levy for 2014 and 2015.”

ITC win at the YIBA Awards!

The Young IBA awards took place yesterday in The Round Room, Mansion House as part of the 2013 Annual IBA Lunch.  We are delighted to announce that Colin O'Neill of ITC took home the prestigious Judges Choice Award.

Colin joined Independent Trustee Company in 2008 and holds the position of assistant client services manager.  He is responsible for the administration of our products and services for a portfolio of clients.  This involves daily interaction with our clients and their advisors. He obtained a Bachelor of Science in Finance from University College of Cork in 2006.  Colin went on to become a Qualified Financial Advisor in 2009.  Most recently, Colin qualified as a Chartered Institute of Management Accountant (CIMA) in August 2013 where he came 4th in Ireland in his final paper.

The management and staff in ITC would like to take this opportunity to congratulate Colin on his award and are delighted that his hard work has been acknowledged by the Young IBA.

Colin O'Neill is pictured below with Des Cahill and Aidan McLoughlin, Managing Director of ITC Group.

Goal Jersey Day in ITC

On Friday the 11^th of October 2013, the Independent Trustee Company Office was particularly colourful as the staff of ITC donned their favourite sports jerseys and contributed in support of a great cause; GOAL Jersey Day. 

GOAL is an Irish humanitarian aid organisation that are currently working in 13 countries in the developing world and over the past 36 years GOAL has spent in excess of €790 million in over 50 countries.  GOAL’s Jersey Day takes place in hundreds of schools, businesses and organisations every year.  This year’s Jersey Day took place in more than 1000 locations around Ireland in order to raise vital funds for GOAL’s work across the developing world.  All proceeds generated will be used by GOAL to support some of its most urgent operations across 13 countries, including Syria, where the organisation is implementing its largest ever humanitarian response programme.

For more information on GOAL’s life-saving work please visit their website at the following link: www.goal.ie.

ITC Budget 2014 Webinar Recording

If you missed this mornings ITC Budget 2014 Briefing webinar in association with the Irish Brokers Association you can view the webinar recording here.

We hope that you find the presentation useful in your planning for 2014. If you have any questions in relation to the content discussed please e-mail JustAsk@independent-trustee.com. 

www.independent-trustee.com

Independent Trustee Company Budget 2014 Briefing Webinar, in Conjunction with the IBA

ITC, in conjunction with the Irish Brokers Association are hosting a briefing of the 2014 budget.  The briefing will be held via live webinar.  Aidan McLoughlin, Group Managing Director of Independent Trustee Company will focus on pension changes and members of the ITC Consulting team will cover capital taxes and retirement planning. 

Due to the popularity of our upcoming Budget 2014 Briefing, Independent Trustee Company and the Irish Brokers Association have decided to schedule a second webinar. We hope that you can join us for our second session as the first one is currently full. 

DATE: Wednesday, 16th October 2013
TIME: 10.00am - 11.30am
LOCATION: Online

CPD certificates will be circulated after the webinar.

Click here to register, places are limited so make sure that you book yours soon! If you have any queries please e-mail JustAsk@independent-trustee.com. The webinar will also be available as a recording after the event.

We look forward to your attendance.

www.independent-trustee.com

Don't let the CAT relief out of the bag

There is, unfortunately, speculation that the forthcoming Budget will introduce yet another round of increases in the rates of capital taxes.  Not content with a 65% increase in rates from 20% to 33% since 2008, there is a fear that there will be both a further increase in the rates of Capital Acquisitions Tax (CAT) and Capital Gains Tax (CGT), a further reduction in the thresholds and the restriction of the remaining reliefs.

The CAT Rate

For a number of years up to 2008, CAT was charged at 20%.  In the last Budget it was increased to 33% from 30%.  Will it rise again?  Some commentators fear it will, particularly as the rate is still lower than UK inheritance tax at 40% and the rates in other EU jurisdictions. 

The CAT Thresholds

To many, a more important factor than the actual rates is the threshold at which CAT starts to bite.  In 2008 the parent-child Group A threshold was around €520,000 and the CAT rate was 20%.  Now the Group A threshold is €225,000.

So, not only is the rate higher, but it kicks in much earlier and so many more people are caught within its net.  Take the example of a child inheriting €600,000 in 2008 – the tax charge would have been around €16,000.  Now, the tax take would be about €123,000!

It could unfortunately get worse.

The CGT Rate

As with CAT, up to 2008, for a number of years, the principal CGT rate was 20% and now it is up to 33%.  Will it rise again?

Although it is currently not a huge concern for the majority of people, there is recognition that excessively high CGT rates could prove a disincentive to people to sell assets. There is, therefore, a possibility that the rates of CAT and CGT may differ in the future.

There is also a possibility that there could be tiered rates of CGT (and indeed CAT), e.g. CGT rates could be linked to different periods of ownership or level of gains.  There could, for example, also be a new lower CGT rate on the sale of business assets, which would be something to be welcomed. The National Recovery Plan of 2010 suggested some of these changes. 

 

The Reliefs

A further possible change is the restriction of the current CAT and CGT reliefs.  The Commission on Taxation in 2010 suggested restrictions on the reliefs available on transfers of family businesses. These have only been partially introduced, so perhaps they will be implemented more fully, which would further penalise the transfer of businesses to family members.  The National Recovery Plan also suggested a restriction of capital tax reliefs. There is, therefore, a distinct possibility that further changes could be on the way.     

If there is any chance that you or any of your clients are in the process of transferring a business or business asset in the near future, it would be worth doing so before the Budget.  For more information contact Barry Kennelly on barry.kennelly@independent-trustee.com.

Barry Kennelly

Director, ITC Consulting

A Question of Income

“The question isn’t at what age I want to retire, it’s at what income”.

-          George Foreman

While we await the fall-out from the increase in the State Pension Age to 66, due to take effect on 1^st January 2014, and the unknown changes to the pension regime, anticipated in Budget 2014, George Foreman’s declaration gains particular relevance for Irish pension savers.

What measures affecting pensions are we likely to see in October’s Budget?

Last year the Minister announced that the Government would introduce measures to ensure that tax relief on pension contributions would only serve to support pensions that deliver an annual income of up to €60,000.  This aim is likely to be achieved by reducing the maximum allowable pension fund (the standard fund threshold - “SFT”). The threshold will potentially be reduced to anywhere between €1.2m and €2m. 

If the current system of valuation is maintained, i.e. by using a multiple of 20, then a reduced SFT of €1.2m could be introduced.  That would affect all those with defined contribution arrangements as it is not realistic to expect €1.2m to produce an annual income level of €60,000.  Some in the industry, therefore, are lobbying for a more realistic multiple of 30 times to give an SFT of €1.8m.  Of course, an increase in the multiple, while favouring defined contribution pension schemes, could see a higher number of defined benefit pension entitlements affected by the threshold.

A further consequence of the reduction in the threshold, and this is likely to be more important to the majority of pension savers, will be a reduction in the retirement lump sum.  Currently up to €200,000 of a pensioner’s retirement lump sum may be taken tax-free and further lump sum entitlements up to €375,000 may be claimed at 20% tax.  A reduction in the SFT could also lead to a corresponding reduction in the amount of the lump sum available at the 20% tax rate.   If this also leads to a corresponding reduction in the €200,000 tax-free lump sum, a large number of pension savers could be affected.

Realising that we possibly can’t change much about the upcoming Budget, we could adopt a defeatist attitude. Foreman took a different approach to his retirement and famously invented a grill.

Similarly, pension savers facing the unknown may also take precautions.  So, if you are close to or have passed your retirement age, you may consider whether to draw down your pension now.  It can continue to grow tax free in an Approved Retirement Fund, but you could avoid the possible reduction in the lump sum benefits.  If you decide that you are too young to retire you can later change your mind and fund a new scheme.

If you are close to the standard fund threshold or in the fortunate position of having made investments which will bring you above it before your retirement, you may similarly consider the retirement option or avail of the temporary measure to draw down 30% of your AVCs – in order to avoid the punitive tax.

If on the other hand you have no intention of hanging up the gloves or are far off any of the thresholds, the best advice is to avail of the tax benefits of the current regime to the greatest possible extent.  Tax relief on pension contributions continues to be beat all other reliefs in the tax code.  The best precautionary measure against the unknown is to make your pension contributions now!

Tommy Nielsen

ITC Consulting

Top 3 ITC Blog Posts in 2013

The ITC blog, Independent Talk, is a form of communication which we use to ensure that you are kept up to date on any recent legislation changes, industry news and ITC updates. This is also a great platform to discuss and debate industry issues, provide technical assistance and to generate ideas.  A blog is not just for bloggers…. Subscribe to Independent Talk, the ITC blog, and keep up to date on Industry news, Tax & Legislative changes and don’t be left in the dark!

For those of you who are not subscribed to the ITC blog or any blogs, you have being missing out! With over 200+ subscribers and almost 24,000 views, the ITC blog has been a successful journey to date.  To follow are the 3 most popular blog post topics on Independent Talk in 2013:

3.  Ignoring the Elephant in the room

The Social welfare and Pensions (Miscellaneous Provisions) Bill 2013 was announced by the Minister for Social Protection, Joan Burton TD on 22nd May 2013.  The main pension provisions of the Bill are discussed in this post, which was the third most read post on the Independent Talk blog.  Click here to read the full article.

2.  Fianna Fail pension strategy launch

The Fianna Fail pension strategy, launched in April 2013 by Willie O’Dea, deals with several issues close to our heart:

·         The funding requirements for DB schemes

·         The priority order for DB schemes on wind up

·         Early Access to Pensions and

·         The issue of Pension Charges

Click here to read the full article.

1. Public sector pension changes

The Public Service Pensions (Single Scheme and Other Provisions) Act 2012 was enacted in July 2012. It will facilitate the introduction of a new Single Pension Scheme for all new entrants to the public service.  This includes the civil service, education sector, health sector, local authorities, Gardai, Defence Forces, regulatory sector and non-commercial semi state bodies. It also includes Oireachtas members and the Judiciary.  The new features of the scheme are discussed in this blog post.  Click here to read the full article.

What do you want to see more of?

As part of the recent Advisor survey, the areas of interest for future blogs are primarily in tax changes, legislative changes, reasons for Self- Administration and industry news and development.

These subjects and all relevant industry updates will be covered on upcoming blogs. If you have any further areas of interest which you wish to see discussed, please feel free to contact us on justask@independent-trustee.com.

How to Subscribe to the ITC Blog

To subscribe to the ITC Blog visit Independent Talk and enter your email in the box provided on the right hand side of the page.